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For the first time in Vietnam, a unified governmental regulation on internal audit has been promulgated through Decree 05/2019/ND-CP dated January 22 2019 (Decree 05) which came into effect on April 1 2019. Previously, only a few entities, such as credit institutions and the State Bank of Vietnam, were required to conduct an internal audit under different legal regulations. Decree 05 has added new types of entities which are required to conduct an internal audit by April 1 2021 at the latest.
The draft of the new regulation on the foreign ownership cap in Vietnamese public companies has been published in the second draft of the new Law on Securities (Draft Law). The latter is expected to replace the Law on Securities 70/2006/QH11 dated June 29 2006 and Law 62/2010/QH12 dated November 24 2010 amending and supplementing a number of articles of the Law on Securities (collectively, the Existing Law).
